Funding arb · Price arb /

TURBO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Bybit−0.176%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$114as in the Funding arb table

Net, price: spread back to 7d avg − costs−$131as in the Price arb table

costs, in and out, $10k−$1141.143% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.156%+$16 · spread now −0.176%, 7d avg −0.008%

Together, before fees+0.156%+ Points / potential airdropHyperliquid: Season 2 · farm board+$16 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.168% cheaper against Bybit than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit 1000TURBOUSDT	0.001081	0.0100	pay 0.0050% / 4h	47m 06s	$395K	$778K	25x
Short	Hyperliquid TURBO	0.001079	0.0100	get 0.0013% / 1h	47m 06s	$316K	$170K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BybitbpFee HyperliquidbpOrdersPrice spread, now −0.176%Rate

Funding earned: $0
Price spread: −0.176% → −0.008%: −$16.76
Slippage, 4 orders: −$94.33
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$131.09
Costs to cover: 1.143%
Break-even: never at this rate

Slippage from Bybit: live order book, 48 min ago; Hyperliquid: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bybit live order book, 48 min ago	9.85 bp	35.2 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 2 min ago	4.65 bp	21.3 bp −$21	doesn't fit	doesn't fit	doesn't fit

TURBO on 14 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_TURBOUSD	−0.0250%	1h	0.001078	−0.302%	$71K	$31K	20x	as long as short
Injective TURBO/USDC PERP	+0.0033%	1h	0.001069	−1.101%	$83	$4	5.5x	as long as short
Hyperliquid TURBOshort	+0.0100%	1h	0.001079	−0.176%	$316K	$170K	3x
Aster TURBOUSDT	+0.0100%	4h	0.001079	−0.205%	$9K	$20K	10x	as long as short
Binance TURBOUSDT	+0.0100%	4h	0.001079	−0.167%	$3.0M	$6.5M	50x	as long as short
Bybit 1000TURBOUSDTlong	+0.0100%	4h	0.001081	long leg	$395K	$778K	25x
OKX TURBO-USDT-SWAP	+0.0100%	4h	0.001079	−0.222%	$916K	$2.3M	20x	as long as short
Gate TURBO_USDT	+0.0100%	4h	0.001080	−0.083%	$391K	$345K	25x	as long as short
MEXC TURBO_USDT	+0.0100%	4h	0.001079	−0.176%	$5.6M	$612K	20x	as long as short
KuCoin TURBOUSDTM	+0.0100%	4h	0.001080	−0.056%	$1.8M	$912K	20x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TURBOUSDT	+0.0100%	4h	0.001081	+0.009%	$1.0M	$595K	25x	as long as short
BingX TURBO-USDT	+0.0100%	4h	0.001078	−0.250%	—	$9.4M	—	as long as short
Extended TURBO-USD	+0.0104%	1h	0.001080	−0.101%	$3K	$158K	5x	as long as short
BloFin TURBO-USDT	+0.0139%	4h	0.001079	−0.213%	$156K	$489K	75x	as long as short